INSIGHT

INSIGHT; Strong Defense

Published: January 14, 1993

The airline stock flight pattern traced by the top line above might well be steeper than anything allowed in commercial aviation. Airline stocks have soared ahead of the market on hopes that an accelerating recovery will multiply their earnings, especially since they are cutting their costs. But fare wars breaking out anew can reverse profits and share prices alike, as UAL fell 2 3/8, AMR 1 5/8, Delta 3/4 and US Air 1/2 yesterday.